Posts tagged ‘Land Registry’
The cost of a home in London hit a new record high in February as house prices continued to race ahead, figures showed today.
The average value of a property in the capital surged by 13.8 per cent during the 12 months to the end of February, to stand at £414,356 – the highest level ever recorded.
Across England and Wales as a whole property prices rose by 5.3 per cent during the same period, to leave a typical home costing £170,000, according to the Land Registry.
But there were significant regional variations in house price performance.
London led the charge, followed by the South East, which recorded annual house price of growth of 7.1 per cent, leaving the average home costing £223,733, and the East, where prices were 6.2 per cent higher year-on-year at £183,285.
But at the other end of the scale, properties prices in the North East fell by 1.3 per cent during the 12 months, with the average home costing £97,332 at the end of February.
In Yorkshire and the Humber and Wales, prices edged ahead by just 1.2 per cent and 1.7 per cent respectively.
Sales levels across England and Wales continued to rebound, with 75,182 homes changing hands in December, the latest month for which figures are available, 33 per cent more than in the same month of 2012.
Within this total, the number of homes sold for more than £1 million soared by 44 per cent to 898.
There was also a 24 per cent drop in repossessions, with 966 homes taken back by lenders during December, down from 1,278 in the same month of 2012.
Nicholas Ayre, managing director of homebuying agency Home Fusion, said: “The gulf in property prices across the UK grows ever bigger with London house prices hitting a new all-time high in February.
“Transaction volumes are rising but are still some way off the peak of the market and the lack of supply is helping fuel soaring house prices in parts of the country.”
Today’s figures are the latest in a run of positive data on the housing market.
Earlier this week the Office for National Statistics said house prices rose at their fastest rate for nearly three-and-a-half years during January, while the British Bankers’ Association said mortgage lending was up 47 per cent in February compared with a year earlier.
House prices are being stoked by a combination of rising demand on the back of the improving economy, and a shortage of supply.
Meanwhile the number of people taking their first step on the property ladder has jumped 42 per cent year-on-year, boosted by better mortgage availability and the Government’s Help to Buy scheme.
A total of 22,400 first-time buyers entered the housing market during February, according to LSL Property Services.
They put down average deposits of £25,773, the lowest level for 16 months.
Around 81 per cent of first-time buyers expect house prices to rise in the coming year, with most expecting gains of up to 5 per cent.
“That’s pushing up demand in the short term, which is supporting prices in the long term.”
It might seem odd that we are only reporting 2009 now, but because of the Land Reg lag it is only now that we can look at the full set of data for the WHOLE of 2009.
2009 was a tale of two very different halves for the UK property market. The first half of the year was pretty poor coming off a year of transaction volumes at historic lows. The second half of the year was a different story as sales started to bounce back strongly, particularly in the south where buyers returned to the market as prices became tempting and to take advantage of the stamp duty holiday.
• 61% of last year’s total sales transactions occurred in last 6 months
• Number of properties sold in second half of 2009 up 35% on 2008
• Houses prices up 4.7% in last half of 2009, a gain of 2.5% for year
The figures reveal the extent of the property market turbulence last year. While property sales in Britain in 2009 were 6.8% lower than a year earlier, it was very much a year of two halves. The number of properties that changed hands in the first 6 months of last year (273,015) was down 36.9% on 2008 but the second half of 2009 showed a 34.6% surge in sales transactions (421,732) compared to the last half of 2008.
While home values in Britain managed a gain of 2.5% over 2009, average house prices fell 2.2% over the first 6 months of the year (from £205,607 to £201,067) before recovering in the second half by 4.7% to reach an average value of £210,661 by the year end. One of the biggest factors in the house price rebound in the second half of last year was the recovery in market activity with increased transaction volumes leading to higher property prices.
Transaction volumes were particularly strong in the fourth quarter of 2009, up by double-digits in all regions compared to 2008 with the exception of Scotland where sales levels have been slow to recover and were up only 8% in Q4 09 versus the previous year and were down 33% for the full year 2009, compared to a decline of only 1% in England and 12% in Wales.
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Welcome to the Zoopla! blog
We’re delighted to be adding another channel for communicating with our customers – consumers, agents and all others with an interest in Zoopla! – as we continue to expand and innovate within the property market. In 2008 we focused on getting the business up and running, growing our team and developing the product. In a short period of time we:
- offered users FREE access to instant value estimates and sold house prices
- let buyers show interest in any UK home and owners test interest through TemptMe!
- created an environment where anyone can ask/answer questions about homes
- saw our user base grow significantly to over a million visits per month
- received over a million data contributions to our website from users
- won the First Tuesday award for the UK’s Most Promising Internet Company
- won the Web User magazine gold award for Best UK Property Website
We now list tens of millions of data points relating to home characteristics and property sales across the UK allowing our algorithm to estimate the current value of any UK home with impressive accuracy, especially during a uniquely turbulent market. Customer feedback has also been overwhelmingly positive so thank you to all who provided it.
So far in 2009 we’ve already enjoyed some exciting highlights. We have:
- raised £3.75m in venture capital to continue to develop our service
- added a further 5 million Land Registry sold house prices stretching back to 1995
- launched hundreds of thousands of listings of properties for sale and to rent
- helped users find local agents to assist them in the transaction process
- grown our audience to become the 5th most visited UK property portal
So what can you expect from this blog? From time to time we’ll update readers on new site features as they’re launched, draw your attention to interesting trends and statistics within the site, offer thoughts on issues pertinent to the UK property market and give you the inside track on developments within the business. So whether you prefer to stay in touch by registering for our monthly newsletter, following us on Twitter or keeping an eye on our blog, we hope that you continue to enjoy Zoopla!’s unique approach to online property.
Finally, if you have any feedback for us or ideas for how we could improve our service, please don’t hesitate to let us know.